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Eaton Vance says 43% of convertibles tendered
New York, Aug. 14 - Eaton Vance Corp. said investors put back to the company 43% of its zero-coupon senior exchangeable notes due 2031.
The coupon through its operating unit Eaton Vance Management paid $87.0 million in cash for the put. The amount tendered is equivalent to $135.15 million principal amount at maturity of the securities, which were issued using the LYONs structure.
Cash on hand was used for the repurchase.
Eaton Vance said there is now $178.85 million principal amount at maturity of the convertibles outstanding or $116.9 million accreted value.
Last week Eaton Vance added an additional put to the convertibles and a one-time cash payment as an incentive not to exercise the put option.
The extra put is on Nov. 13, 2002 at $650.75. Holders who retained their notes past Aug. 13 will receive a payment of $3.24 per $1,000 principal amount, equivalent to 0.5% of the convertibles' accreted value.
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